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[2/2] Tomas Ang Vs. Associated Bank, et al

[2/2] TOMAS ANG, Petitioner, versus ASSOCIATED BANK AND ANTONIO ANG ENG LIONG, Respondents.

G.R. No. 146511 | 2007-09-05

The appellate court disregarded the bank's first assigned error for being "irrelevant in the final determination of the case" and found its second assigned error as "not meritorious." Instead, it posed for resolution the issue of whether the trial court erred in dismissing the complaint for collection of sum of money for lack of cause of action as the bank was said to be not the "holder" of the notes at the time the collection case was filed.

In answering the lone issue, the Court of Appeals held that the bank is a "holder" under Sec. 191 of the NIL. It concluded that despite the execution of the Deeds of Transfer and Trust Agreement, the...